Day trading guide for Wednesday: Indian stock market ended lower for second straight session on Tuesday. NSE Nifty ended 144 points lower at 17,530 while BSE Sensex shed 388 points at 58,576 levels. Bank Nifty index gained 133 points and closed at 37,747 levels.
As per stock market experts, after sliding below the initial support of 17,600 levels on Monday, Nifty is now placed at the next lower support of around 17,500 to 17,450 levels. Though, Nifty placed at the support, still there is no indication of any convincing bottom reversal pattern at the lows and one may expect further weakness in the short term.
Day trading guide for stock market today
Speaking on intraday trading strategy in regard to Nifty 50 today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be negative. Though, Nifty is placed at the support of 17,400 levels, there is a possibility of further weakness in the short term. The market could possibly find support around 17,300 levels and is expected to bounce from the lows.”
Sharing important levels in regard to Nifty and Bank Nifty today; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Broader range of Nifty 50 index is placed between 17,350 to 17,780 whereas short range of Nifty lies between 17,400 to 17,700 levels. Similarly, broader range of Nifty Bank index is placed between 37,200 to 38,500 whereas short Nifty Ban k range today is placed between 37,250 to 38,250 levels.”
Intraday trading strategy for Wednesday
Asking investors to keep an eye on inflation post-CPI data release; Santosh Meena, Head of Research at Swastika Investmart Ltd said, “It is advised to buy the stocks of commodity producers instead of commodity consumers. However, the prices of commodity producer companies have already rallied a lot therefore there is a low margin of safety. Investors should focus on sectors that are less sensitive to commodity prices like banking and financials, telecom, and IT. They should look for high-quality stocks, which are under temporary pain due to inflation.”
Day trading stocks
Sharing intraday trading stocks for today, stock market analysts — Avinash Gorakshkar of Profitmart Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi Shares & Stock Brokers; Rohit Singre, AVP — Research at Bonanza Portfolio and Astha Jain, Senior Research Analyst at Hem Securities — recommended 6 stocks to buy today.
Avinash Gorakshkar’s intraday stocks for today
1] Axis Bank: Buy at CMP, target ₹830, stop loss ₹782
2] Mahindra & Mahindra Finance: Buy at CMP, target ₹195, stop loss ₹173
Mehul Kothari’s day trading stocks to buy today
3] GAIL (India): Buy around ₹166, target ₹174, stop loss ₹162
4] HDFC Bank: Buy around ₹1495, target ₹1540, stop loss ₹1465
Rohit Singre’s stock of the day
5] Century Enka: Buy at CMP, target ₹700, stop loss ₹620
Astha Jain’s intraday stock for Wednesday
6] Data Patterns: Buy around ₹870, target ₹1050 to ₹1090, stop loss ₹730 (Positional Call).
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.